• Journal of Distribution Science
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• v.14 no.5
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• pp.115-123
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• 2016

Purpose - Nowadays the competition between companies has been intensified in the aviation industry. It is hard to maintain successful market share in challenging managerial environment. Not long ago, a Korean major aviation company had faced social condemnation cause of managerial staff's immoral behaviors. That company suffers great losses in company brand value in terms of authenticity as an aviation company. This research tried to show the effect of brand authenticity in the aviation industry. First of all, this research tried to define the dimensions of the brand authenticities based on the former researches. This research suggested the airline brand authenticities as three kinds of dimensions. The dimensions of authenticities consist of performance aspects, symbolic aspects and moral aspects. And this research also tried to show the relationships between brand authenticities and consumers attitudes. Research design, data and methodology - The empirical research design is based on the experiments with six types of advertisement prototypes. The advertisement prototypes were based on three types of authenticities' characteristics. The prototypes were made of core statements about each authenticity. And the advertisement prototypes also were based on the aviation company types. The types of aviation companies could be divided into FSC(full service carrier)and LCC(low cost carrier). So the whole experiments were performed with six kinds of advertisement prototypes(3 brand authenticities X 2 aviation company types). The age of participants were from 20s to 40s. The proportion of participants' demographics are as follow. Age proportion is 50% of 20s and 50% of 30s and 40s. Gender proportion is 46% males and 54% females. The experiments performed through mobile devices. Advertisement prototypes were exposed to the participants through their mobile devices, and they answered the questionnaires. All the process of experiments were performed by a professional research firm to maintain the quality of data. Results - This research suggested some important outcomes as follow. First, brand authenticity had an important role to make a positive consumer attitude on the aviation company. All the three types advertisement of authenticities had a positive impact on the consumer attitude for the aviation company. Second, the three types of brand authenticities in the performance aspects, symbolic aspects, and moral aspects had a major impact on the consumers attitudes. The performance authenticity had the biggest effect on the consumer attitudes. Third, the types of aviation companies like FSC and LCC had a different correlation with types of authenticities. All the types of authenticities affected on the consumers attitudes in the FSC case. The symbolic authenticity had the biggest effect in the FSC case. But the performance authenticity showed the most striking effect in the LCC case. Conclusion - From this research, we can get a conclusion. The brand authenticity of aviation company should be managed carefully to maintain a positive brand image and consumers attitudes. And airline brand authenticities can be consist of three type dimensions. All the types of authenticities affects on the consumers attitudes positively. The symbolic authenticity affects more in the FSC case, and the performance authenticity influences more in the LCC case.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.19 no.7
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• pp.174-182
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• 2018

Given the ongoing debate in many aspects of finance, more attention may need to focus on corporate R&D expenditures. This study empirically tests financial determinants of R&D expenditures for NYSE-listed and KOSPI-listed firms. Three major hypotheses were postulated to test for corporate R&D outlay. First, proposed variables such as one-year lagged R&D expenditures, market value based leverage, profitability and cash holdings showed significant influence on corporate R&D costs for the sample firms. Moreover, financial factors inclusive of squared one-year lagged R&D expenditures, the interaction effect between one-lagged R&D expenditures and high-growth firm, non-debt tax shield, Tobin's q and a dummy variable to explain differences in accounting treatment between the U.S. and Korea, revealed significant differences between the two samples. Finally, in the conditional quantile regression (CQR) analysis for the R&D-related variables in relation to corporate growth rate, it was found that the NYSE-listed firms had a statistically significant linkage between growth potential and one-year lagged R&D expenditures at lower quantile levels. This study may shed new light on identifying financial factors affecting differences between the U.S. market (as an advanced market) and the Korean market (as an emerging market) regarding the optimal level of R&D investments for shareholders.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.21 no.5
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• pp.179-190
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• 2020

This research analyses the financial characteristics of corporate R&D intensity in the Korean capital market. It is important to pay greater attention to this subject, given the current situation of the shortage of core components domestically in Korea. Three hypotheses are postulated to investigate the financial factors of R&D investments for KOSDAQ-listed firms during the post-era of the global financial turmoil. By applying a conditional quantile regression (CQR) model, three variables included R&D intensity in the previous year (Lag_RD), the squared term of Lag_RD, and interaction between the high-tech sector and Lag_Rd, reveal significant effects on the current R&D ratio. Whereas more than half of the total variables show variable impacts between firms with higher and lower R&D intensity, only Lag_RD and squared term of Lag_RD were found to be significant. It is expected that these results may contribute to being financial catalysts for an optimal level of R&D expenditures, thereby maximizing firm value for shareholders in KOSDAQ-listed firms.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.18 no.2
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• pp.149-157
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• 2017

This study investigated one of the contemporary financial issues that is still being debated among governmental policy makers, corporate managers, and investors in the domestic capital market. We attempted to identify the most optimal level of cash holdings for firms during the most updated fiscal years (from 2011 to 2015). The study utilized empirical methodologies, such as ANCOVA and RANCOVA, with respect to the 'inter-' and 'intra-industry' analyses for KOSPI-listed firms. Regarding the first hypothesis testing for inter-industry influence, we revealed with statistical significance that there were differences; however, there were only 3 pronounced industries among the 25 industries sampled in this study. Regarding the second hypothesis, only a few (i.e. two) industries showed no statistically significant intra-industry influence. Based on our results, most KOSPI-listed firms still seem to be searching for their optimal levels of cash reserves. Hence, we can anticipate that the value maximization as a corporate goal can be achieved after adjusting the current levels of their cash holdings according to the optimal points.

• Journal of Distribution Science
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• v.12 no.10
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• pp.75-84
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• 2014

Purpose - This article aims to examine whether the stock issuance of firms in the retail industry follows Myers' (1984) pecking order theory, which is based on information asymmetry. According to the pecking order model, firms have a sequence of financing decisions, of which the first choice is to use retained earnings, the second one is to get into safe debt, the next involves risky debt, and the last involves finance with outside equity. Since the 2000s, the polarization of the LEs (Large enterprises) and SMEs (Small and Medium Enterprises) arose in the retail industry. The LEs exhibited an improvement in growth and profitability, whereas SMEs had a tendency to degenerate. This study contributes to corroborating the features of financing decisions in the retail industry distinguished from the other industries. Research design, data, and methodology - This study considers the stocks listed on the KOSPI and KOSDAQ markets from 1991 to 2013, and is more concentrated on the stocks in the retail industry. The data were collected from the financial information company, WISEfn. The empirical analysis is conducted by employing two measures of net equity issues (and), which were introduced in Fama and French (2005), and can be calculated from firms' accounting information. All variables are generated as the aggregate value of the numerator divided by aggregate assets, which, in effect, treats the entire sample as a single firm. Substantially, the financing decisions of the firms were analyzed by examining how often and under what circumstances firms issue and repurchase equity. Then, this study compares the features of the retail industry with those of the other industries. Results - The proportion of sample firms that show annual net stock issues reaching the level of the year's average was 54.33% for the 1990s, and fell to 39.93% per year for the 2000s. In detail, the fraction of the small firms actually increases from 45.08% to 51.04%, whereas that of large firms shows a dramatic decline from 58.94% to 24.76%. Considering the fact that the large firms' rapid increase in growth after the 2000s may lead to an increase in equity issues, this result is rather surprising. Meanwhile, net stock repurchases of assets are considerably disproportionate between the large (-50.11%) and the small firms (-15.66%) for the 2000s. Conclusions - Stock issuance of retail firms is not in line with the traditional seasoned equity offering based on information asymmetry. The net stock issuance of the small firms in the retail industry can be interpreted as part of an effort to reorganize business and solicit new investment to resolve degenerating business performance. For large firms, on the other hand, the net repurchase can be regarded as part of an effort to rearrange business for efficiency and amplifying synergy across business sections through spin-off. These results can help the government establish a support policy on retail industry according to size.

• Journal of Veterinary Clinics
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• v.31 no.4
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• pp.307-312
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• 2014

A 16-year-old female Shih-Tzu, weighing 5 kg, presented with clinical symptoms of abdominal distension and urinary and fecal incontinence. Abdominal palpation detected a large mass. According to the radiographic findings, the bladder had been moved to the umbilicus by the mass and a large abdominal mass was confirmed in the lower abdominal area. Ultrasonography indentified a large heterogeneous mass with heterogeneous parenchyma and a focal anechoic area in the lower abdominal area. The complete blood count abnormalities suggested thrombocytosis and mild neutrophilia, and the serum chemistry indicated an elevated alkaline phosphatase value. During laparotomy, a firm mass that measured $10.5{\times}9.6cm$ was found between the uterine cervix and urinary bladder. The urethra was embedded in the mass. A diagnosis of leiomyosarcoma was established based on histopathology and histochemistry. One week after surgery, urinary retention symptoms that did not appear to be related to mechanical obstruction presented suddenly, but they did not respond to several drug treatments, thus long-term conservative therapy was adopted. The urinary symptoms disappeared on day 27 and the patient started to void large quantities of urine in a smooth and frequent manner. This case report describes the serial changes in the patient's status and the response after surgical remove of the urethra embedding leiomyosarcoma.

• Journal of Technology Innovation
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• v.22 no.4
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• pp.21-55
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• 2014

The rates of technological innovation and environmental change as well as market competition have recently accelerated, which makes it difficult for firms to satisfy the needs of their customers through existing product innovation or limited services. Some firms have attempted to find the solutions to this problem by conducting business model (BM) innovation. This study reviews the theoretical discussion to BM innovation and suggests propositions concerning the necessity of BM innovation and conditions of successful BM innovation. Furthermore, the study examines the applicability of the propositions and draws strategic implications by analysing the cases of two world-wide leading firms, AVL and ETAS, in the automobile R&D service sector. In particular, the study investigates how the firms with technological competence in the R&D service sector obtain market performance through BM innovation. Results of this study show that the case firms recognize the necessity of BM innovation based on product (or technology)-service fusion to effectively propose customer value and create corporate profit. Also, the firms exploit firm-specific complementary assets for successful BM innovation. This paper contributes to the literature of innovation management by promoting academic discussion concerning BM innovation in Korea and suggesting strategic implications for further development of R&D service sector and related firms in Korea.

• Journal of the Korean GEO-environmental Society
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• v.16 no.10
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• pp.15-22
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• 2015

In this study, to evaluate the long-term behavior characteristics and the loss of prestress force, the long-term measurement of the tensile anchors in the actual construction was performed and the results were analyzed comparing with the existing estimation. As the reinforcement member used for the purpose of slope stability or uplift-resisting of the permanent structure, etc, the permanent anchor should maintain the functions during the performance period of the structure differently from the temporary anchor. However, as the time passes by, since the relaxation and the creep of the anchor occur constantly, the management for the loss of tensile force is essential to perform the functions stably. So far, the loss of the tensile force has been estimated according to the reduction of the prestress using elasticity theory and using the relaxation value according to the type of tension member and the test using the long-term measurement is limited. Therefore, in this study, the site condition and the ground were investigated for the tensile anchor in the actual construction and the long-term measurement results more than 500 days was analyzed by installing the loadcell, inclinometer and the groundwater level gauge. In addition, the long-term behavior characteristics were evaluated by comparing the disposition of the measured earth retaining wall and the tension force loss of the anchor with the existing interpretation results. In the evaluation results, the most of the tension force loss occurs within 90 days and the loss was measured less than the estimated values.

• The Journal of Information Technology
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• v.2 no.2
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• pp.199-215
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• 1999

A quantitative analysis was conduct on the economic effect of electronic commerce according to the method of constructing the internet. As a consequence, it was information retrieval cost that had the most cost retrenchment effect in connecting the internet by telephone, which saved about 353,700 won. And it was found that the dedicated line to electronic commerce saved 420,600 won of information retrieval cost and a considerable amount of 319,900 won of brokerage expenses and physical distribution expenses. In terms of value, it was found that the telephone line reduced the time of order process by 8.25%, whereas the dedicated line did so by 9.41% and therefore saved more time than the telephone line. It was found that the dedicated line convenient to use had the higher effect by about 1.2%, respectively than the telephone line in terms of the effective construction of corporate image and the increase of potential buyers. In terms of business management, the intensification of corporate competitiveness improved by 10.00% in case of less than 10 times and by 11.53% in case of 50 to less than 50 times. And it was found that the effect of profit increase as the number of inquiries was large. That is, it was found that the effect of profit increase was 10.88% when the number of inquiries was less than 10 times but it increased to 14.00% in case of 50∼1ess than 100 times. The limitation of this study is that because the size of samples through mail, interview and E-mail was not large, its results have some limitation in applying them to every firm. That is, since the improvement effect of the intrafirm business method, unnecessary repeated manual paperwork and the use effect of being able to maintain the close relationship with to the parties to trades in the process of prompt receipt and delivery of documents are long-term and indirect effects, they have some limitation in that they can not be measured as coefficients but only as scales. Thus, firms using electronic commerce have difficulty enjoying a uniformly identical effect. Therefore, to revitalize electronic commerce, it is thought that government, the academic community and the business world all need to make much research into and sustained investment in electronic commerce.

• Journal of The Korean Association For Science Education
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• v.22 no.4
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• pp.768-778
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• 2002

Science teachers often suppose that students are able to know the symbolical meaning of graphs when they see the graphs. But such a assumption is not based on the firm theories but a mere image. And we need to search them for holding the abilities to construct and to interpret. In addition, unfortunately, many researchers show that they scarcely have the graphing skills. And then, The Test of Graphing in Science(TOGS) was administered to 535 7th to 12th graders, for we search them for holding the graphing abilities to some degree. Though the higher grade, the better score, they lack the first three among 9 objectives of TOGS which are scaling axes, assigning variables to the axes, using a best fit line, plotting points, translating a graph that displays the data, selecting the corresponding value for y(or x), interrelating/extrapolating graphs, describing the relationship between variables, interrelating the results of the two graphs. It was concluded from this that subjects' graph construction is lower than their graph interpretation in graph skills. It suggests that school science have a bias toward graph interpretation. This tendency represents more strikingly in the case of upper students in TOGS than the others'.